Fintech News

AUGUST 21, 2024

In response, ASC and OCBC collaborated to utilise in-house data analytic models and network detection tools to identify and freeze accounts exhibiting potential money mule behavior. This activity hindered efforts to track and regulate the flow of funds, posing significant challenges for authorities in combating financial crimes.

Accounts 94

Accounts Financial Crimes Scams Freeze Account 94

Fintech News

SEPTEMBER 3, 2024

The account also includes safety measures, such as the ability to lock funds and freeze accounts if necessary. The bank has seen a growing demand for individual bank accounts among teenagers, with a 25% increase in account openings for those aged 16 and above since 2022.

Financial Literacy 103

Financial Literacy Accounts Freeze Account Debit Card 103

PYMNTS

MARCH 8, 2019

The task force will aim to curb these crimes by tracking accounts suspected of illegal activity, as well as sharing information with other government bodies that will have the authority to freeze accounts, recover lost funds, and file class action lawsuits.

Crime 46

Crime Freeze Account Blockchain Bitcoin 46

FICO

NOVEMBER 14, 2019

Whether you’re freezing accounts because you wrongly suspect money laundering or missing real cases of financial crime, it’s all a matter of accuracy. It’s a challenging environment and all too easy to get the balance wrong, but there are strategies that banks can take to improve matters. Moving the Threshold Doesn’t Solve the Problem.

AML 40

AML Money Laundering Financial Crimes Crime 40

Stax

AUGUST 29, 2024

Account freezes are in fact, one of the main drawbacks of PSPs, as well as processing costs that can become too high if you process high transaction volumes. PSPs tend to unilaterally and spontaneously freeze accounts because of the nature of their business model.

Payment Service Provider (PSP) 88

Payment Service Provider (PSP) Service Provider Payment Gateways Online and Mobile Banking 88